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Behring, Dade Merger Advances

July 11, 1997|By Complied by Jacqueline Fitzgerald.

Hoechst AG, Germany's largest chemicals and pharmaceuticals company, said it expects the merger of its Behring Diagnosis unit with Deerfield-based Dade International Inc. to be completed by late summer or early fall, depending on approval from regulatory authorities. The new company, to be known as Dade Behring Inc., will have annual sales of more than $1.5 billion, Hoechst said. Hoechst will hold a 32.5 percent stake in the company. Bain Capital Inc., Goldman, Sachs & Co. and Dade's management will hold the rest.